Product Governance and Fair Value Assessment Framework

This document is a guide detailing the product governance and fair value assessment framework employed by Legal & General. It outlines the company’s commitment to providing products that meet customer needs while ensuring fair value through a customer-centric approach. The guide describes the product approval process, which includes regular reviews and assessments to ensure products deliver good outcomes for customers. It also explains the methodology for value for money (VFM) assessments, considering various factors such as product governance effectiveness, target market suitability, claims experience, and customer service metrics. The document emphasizes the importance of ongoing diligence in product management, including the assessment of complaints and distribution costs. Additionally, it highlights the company’s approach to vulnerable customers and the measures taken to support them. The guide concludes with information on the target market assessments for various products, ensuring clarity on suitability and fair value.